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20121128
20121206
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CSPAN 1
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CSPAN
Dec 3, 2012 8:00pm EST
point. on your second point, the opec nations in being friends of the united states, i think the answer to that is that both sides have had a relationship that has been economically necessary, but i do not think the opec cartel conducts its affairs in a way to benefit the united states of america. they conduct their affairs so that they do not kill the goose that laid the golden egg. if you turn into the record on pages 8 and 9, you're asking for some visual clues as to what's going on here. if you look on page 8 coming will see the united states is paying about $20 million per month to import petroleum. you see the sharp rise in the line just before 2008 and then it sort of flat lines from 2008 going through the significant dip that was represented by the subprime mortgage meltdown. what's interesting about it is from that point forward it has remained about 50% of the balance of payments and deficits. that is because the oil cartel prices the marginal barrel of oil as what it costs to get it out of the ground and what the maximum is that they cannot pay without tipping the consumers o
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